**Author details**

Slovakia in the euro area. However, rates of return on WIG and BUX turned out to be more sensitive to changes in rates of return on DAX in particular in years 2004– 2012. This may be due to large interactions between Germany and two economies of

DAX 0.378 0.316 0.104 0.156 S&P500 0.279 0.178 0.373 0.211

DAX 0.511 0.489 0.723 0.375 S&P500 0.194 0.347 0.851 0.413

DAX 0.208 0.278 0.176 0.364 S&P500 0.386 0.198 0.251 0.278

**WIG BUX PX SAX**

In this chapter, the performance of stock markets in Visegrad countries after their EU accession was studied. Results of the analysis indicate that there were differences between the performance of the Slovakian stock market and the performance of noneuro-area member states. In the case of all four markets, three significant breakpoints in variance were identified. These breakpoints reflect the beginning of the US subprime crisis, the end of the euro area sovereign debt crisis

Stock markets in the CEE-4 countries turned out to be informationally efficient in three of four subperiods. Hypothesis about informational efficiency was rejected only in the case of Poland and Hungary and in the crisis period. In the case of the Czech and Slovakian stock market, there were no grounds to reject hypothesis about

Stock markets in Poland and Hungary were more sensitive to changes of rates of

The chapter was written with the financial support of National Science Centre,

return on DAX. However, in the stable period after 2012, correlation between shocks generated by Poland, the Czech Republic, and Hungary and shocks generated by Germany was much weaker than in earlier years. Integration of the Slovakian stock market with capital markets of developed economies did not decrease in

the Central and Eastern Europe (Polish economy and Hungarian economy).

**5. Conclusions**

First subperiod

*Banking and Finance*

Second subperiod

Third subperiod

*Correlations between shocks generated.*

**Table 7.**

the post-crisis period.

**Acknowledgements**

**146**

and, the results of the Brexit referendum.

Poland, under Grant No. 2015/19/D/HS4/03354.

their efficiency. Results of three statistical tests confirmed it.

Wojciech Grabowski Department of Econometric Models and Forecasts, University of Lodz, Lodz, Poland

\*Address all correspondence to: wojciech.grabowski@uni.lodz.pl

© 2020 The Author(s). Licensee IntechOpen. This chapter is distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/ by/3.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
